CVS to close 900 stores over three years

The U.S.' largest pharmacy chain - CVS - said Thursday it'll close about 900 stores over the next three years - almost a tenth of its U.S. network.

It also said it'll create new store formats, offering primary care services at some sites and turning some stores into health hubs - offering services for everyday health and wellness.

CVS said the resulting impairment charge of up to $1.2 billion will be immaterial to its adjusted earnings this year and next.

Its shares, which have shot up by a third this year, rose further in early trading Thursday.

CVS' rival, Walgreens Boots Alliance, is also shifting its focus beyond its drugstores. It recently took majority stakes in two small companies that provide primary care and home care.

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